"NOPEC" -- NoGo -- LOL -- May 5, 2022

Yesterday I posted this:

Perfect storm:

• energy transition is dead ("everybody" now realizes that)
  
• Putin's War: a lot of Russian oil is taken off the market 
• we have an administration in Washington (DC) that doesn't understand what's going on and will (purposely or inadvertently) do everything to kill the US oil industry
• this administration in place for three more years; three more years to exacerbate situation 
• windfall profits tax will exacerbate price of gasoline at the pump;
• US E&P under-capitalization (multiple reasons)
• financial institutions coordinated moving investments to non-fossil fuel companies
• capital being moved from fossil fuel to renewable energy, tech, healthcare
• fossil fuel out of favor with managed funds 

Earlier this morning, I provided another example of "we have an administration in Washington (DC) that doesn't understand what's going on." The example earlier this morning: the US now looking to buy back 60 million bbls of oil. See this link.

Now, we have another example of "we have an administration in Washington (DC) that doesn't understand what's going on." The new example: US Senate committee will likely move "NOPEC" bill out of committee. LOL. One really thinks this will incentivize Prince Muhammad Bin Salem to produce more oil to export to the US? LOL. "NOPEC?" Another bullish development.